Providence Ranked One of the Slowest Growing Cities in the U.S.

Providence Ranked One of the Slowest Growing Cities in the U.S.

Providence is one of the slowest growing cities in the U.S.

According to a recent study completed by WalletHub, Providence is ranked 437th out of 515 ranked cities when it comes to the fastest-growing.

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A separate study by CityLab reported, "...there is lots of talk these days about urban revitalization, the comeback of cities, and urban gentrification. But all of this is likely very uneven across U.S. cities, shaped by the same winner-take-all pattern that we see for metro areas. Some cities have bounced back and are experiencing growth in population and jobs, and in key dimensions of talent like college graduates and the creative class. But others continue to struggle and lose ground, whether to other cities or their own suburbs."

“Experts might not agree on the “best” or the “right” recipe for rapid economic growth, but some cities know the key ingredients for long-term prosperity better than others. Patterns emerge within those cities, allowing us to identify what factors contribute to a lasting cycle of growth,” writes WalletHub.

Providence is not the only Rhode Island city to make the rankings.

Cranston ranks the highest at 393, Pawtucket ranks second-highest at 399 and Warwick ranks behind Providence at 452nd overall.

Providence’s Rankings:

• 454th Best - Sociodemographics
• 384th Best - Jobs & Economy

 

The Rankings

Providence is ranked directly behind Fall River, Massachusetts and Cheektowaga, New York, who rank 436th and 435th respectively.

Providence is ranked ahead of Scranton, Pennsylvania, and Pasadena, Texas, who rank 438th and 439th respectively.

Lehigh Acres, Florida, is ranked as the fastest-growing city in the U.S.

Shreveport, Louisiana, is ranked as the slowest growing city in the U.S.

See the full rankings in the map below

 

The Method

In order to determine the most rapidly growing local economies, WalletHub compared 515 cities of varying population sizes based on two key dimensions, “Sociodemographics” and “Jobs & Economy.”

They evaluated those dimensions using 17 relevant metrics.

Each metric was graded on a 100-point scale, with a score of 100 representing the fastest economic growth.

For each metric, WalletHub analyzed data spanning from 2012 to 2018 with the exception of “Increase in Number of Startups” (from 2010 to 2014), “Increase in Number of Businesses” (from 2012 to 2016), “Growth in Regional GDP per Capita” (from 2012 to 2017), Increase in Number of Technology Companies (from 2012 to 2016) and Increase in Venture Capital Investment Amount (from 2012 to 2016).

Finally, WalletHub determined each city’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.

WalletHub categorized each city according to the following population-size guidelines:

• Large city: More than 300,000 people
• Midsize city: 100,000 to 300,000 people
• Small city: Fewer than 100,000 people

 

Sociodemographics - Total Points: 50

• Population Growth: Double Weight (~25.00 Points)
• Working-Age Population Growth: Full Weight (~12.50 Points)
• Growth in Share of College-Educated Population: Full Weight (~12.50 Points)

 

Jobs & Economy - Total Points: 50

• Job Growth: Double Weight (~6.45 Points)
• Increase in Ratio of Full-Time to Part-Time Jobs: Half Weight (~1.61 Points)
• Median Household Income Growth: Full Weight (~3.23 Points)
• Growth in Share of Households with Annual Income Above $75,000: Full Weight (~3.23 Points)
• Unemployment Rate Decrease: Full Weight (~3.23 Points)
• Poverty Rate Decrease: Full Weight (~3.23 Points)
• Growth in Regional GDP per Capita: Double Weight (~6.45 Points)
• Increase in Number of Businesses: Full Weight (~3.23 Points)
• Increase in Number of Startups: Full Weight (~3.23 Points)
• Increase in Venture Capital Investment Amount: Full Weight (~3.23 Points)
• Growth in Number of Technology Companies: Full Weight (~3.23 Points)
• Median House Price Growth: Full Weight (~3.23 Points)
• Building-Permit Activity Growth: Full Weight (~3.23 Points)
• Foreclosure Rate Decrease: Full Weight (~3.23 Points)